GLOBAL CLOUD IDENTITY AND ACCESS MANAGEMENT MARKET FORECAST 2020-2028

GLOBAL CLOUD IDENTITY AND ACCESS MANAGEMENT MARKET FORECAST 2020-2028

The global cloud identity and access management market is estimated to reach $13291.56 million by 2028, growing at a CAGR of 17.97% during the forecast period. The base year considered for the study is 2019, and the estimated period is between 2020 and 2028. The increasing importance of authentication is a crucial driving force for the cloud identity and access management market.

The global cloud identity and access management market is estimated to reach $13291.56 million by 2028, growing at a CAGR of 17.97% during the forecast period. The base year considered for the study is 2019, and the estimated period is between 2020 and 2028.

The global cloud identity and access management market growth is propelled by the following factors:

Rising trend of BYOD in companies

An increasing need for identity and access management techniques due to identity thefts

Cost advantage due to a centralized system

The increasing importance of authentication

The increasing importance of authentication is a crucial driving force for the cloud identity and access management market. The expanding audience base of the companies has made it mandatory that they focus on the authentication of users for validating as well as securing their identity. Reliable authentication is also crucial for the protection of assets and data. Also, this helps in avoiding cyber-attacks and breaches. The user authentication is an important part of the network security layer, since the security service providers rely heavily on a multi-layered cybersecurity strategy.

In 2019, the largest market share of about 39.19% was captured by audit, compliance & governance category in the services segment. On the other hand, single sign-on & federated provisioning is anticipated to be the fastest-growing cloud identity and access management service during the forecast period. Audit, compliance, and governance services are the major hit in the corporate sector. This is mainly in BFSI and IT enterprises. Due to increasing preference among shareholders and the inceasing scrutiny from the regulatory bodies, the companies are concentrating on governance issues.

However, latency & interruptions and vulnerability to cyber risks are profoundly restricting the growth of the cloud identity and access management market.

The report on the global cloud identity and access management market includes segmentation analysis of organization size, services, deployment model, and end-user.

Market by Organization Size:

Small & Medium Enterprise

Large Enterprise

Market by Services:

Directory Service

Single Sign-on & Federated Provisioning

Audit, Compliance & Governance

Privileged Access Management

Others

Market by Deployment Model:

Hybrid

Private

Public

Market by End-User:

Education

BFSI

Healthcare

Media

Retail

IT & Telecommunication

Others

Geographically, the global cloud identity and access management market has been segmented on the basis of four major regions, which includes:

In terms of geography, North America dominated the market with a revenue share of 43.39% in 2019. North America is an important market for cloud identity and access management. The North America market region market is expected to display strong growth due to the increase in the governance regulations, and the requirement of enterprises to adhere to these regulations. The increasing cybersecurity concerns in North America is one of the major threats to domains such as BFSI, IT & Telecom, retail, and others. The adoption of e-governance has resulted in the major application of the web, thus paving the way for cyber-attacks. The government has further increased the implementation of cyber laws, legal regulatory compliances, and data security in order to ensure high data protection.

Asia Pacific is projected to be the fastest-growing region for the cloud identity and access management market. This is due to the increasing adoption of cloud identity and access management services by SMBs and rising cases of cyberattacks in the region. In this region, the growing trend of cloud computing and BYOD has driven the cloud identity and access management market in a more profound manner while stimulating security. Also, the increasing government regulations in various industries such as BFS and IT & Telecom, have supplemented the growth of the market in this region.

The eminent players in the global cloud identity and access management market include: